17 December 2012

Zambia: BOZ Warns Over ATMs

THE Bank of Zambia (BoZ) has said some Automatic Teller Machines (ATMs) will not be functional just before and after the new currency change- over date of January 1, 2013 because they will be undergoing calibration.

BoZ assistant project manager currency rebasing Wilson Mazimba said some of the ATMs in the country would not be functioning as there were only two ATM calibrating machines in the country.

Mr Mazimba said in an interview in Lusaka that the ATMs that would be functional at changeover would only be disbursing high Kwacha notes like the rebased K20 and the K100 because it was easier for them to do so.

"I would like to mention that ATMs will start dispensing the new currency on January 1 2013, but some ATMs may not be available just before and after changeover date for operational reasons and those that will be functional will only disburse high notes like K20 and K100.

"We would like to urge the members of the public to make sure that they keep extra money with them because some ATMs will not be functional just before and after January 1 2013. This is due to ATM calibration," Mr Mazimba said.

He noted that the BoZ was doing everything possible to ensure that everyone had full information on the rebased currency.

"The BoZ will also have special toll-free lines where the public can ask any questions on currency rebasing and receive feedback. People should take advantage of the toll-free lines to ensure that they get more information on the rebased currency," he said.

Mr Mazimba urged the shop owners and service providers to ensure that they display double prices by January 1 2013 failure to which they will be charged.

He said any shop or service providers found displaying old currency prices only between January 1 and June 30 2013 would be held answerable by the law.

"Dual display of prices will be mandatory during this transition period, January 1 to June 30 2013 so everyone should ensure that they abide by the law because if we find you wanting you will be charged," he said.

The BoZ was yesterday expected to dispatch 20 teams of officers to all the 10 provinces to sensitise the members of the public on the exercise ahead of the changeover.

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